Eoptolink seeks $5bn Hong Kong AI listing

Eoptolink, a Chinese maker of high-speed optical transceivers, has filed for a secondary listing in Hong Kong that could raise $4 billion to $5 billion, according to Bloomberg. That is well above the $3 billion floated in April, suggesting investor demand has exceeded expectations.

The planned offering would add Hong Kong-listed shares to Eoptolink’s existing Shenzhen listing. Its shares in Shenzhen have risen nearly 80% so far this year, although the new listing still requires approval from shareholders, China’s securities regulator, and Hong Kong’s regulator.

The optical hardware behind AI data centers

Eoptolink makes the infrastructure that links servers and chips inside large data centers. Its optical transceivers convert electrical signals into light and back again, allowing data to move at extremely high speeds.

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As AI clusters expand, training and inference workloads shift terabytes of data per second. Hyperscalers are therefore adopting faster 800G and 1.6T optical modules, which are among Eoptolink’s specialties.

The company’s customer list helps explain the market’s interest. Google, Microsoft, and Amazon rely on its transceivers to connect their data centers, placing Eoptolink among the less visible beneficiaries of the AI infrastructure boom.

Revenue surges with AI infrastructure spending

Eoptolink reported 2025 revenue of about 24.8 billion yuan, or roughly $3.7 billion. Net profit rose 236% to approximately $1.4 billion.

The company is part of a broader rush by Chinese technology companies toward Hong Kong listings as US and EU barriers tighten. Baidu’s chip unit is targeting a $50 billion Hong Kong IPO, while Apple suppliers have raised billions to retool for AI hardware.

Hong Kong has also become a major channel for China’s chip trade, handling more than half of the country’s chip imports. The city is increasingly where Chinese technology companies raise capital and where hardware flows through global supply chains.

US-China interdependence remains visible

Eoptolink’s business highlights an awkward connection between the two technology ecosystems. American AI development, led by US hyperscalers, depends partly on Chinese optical components even as Washington and Beijing pursue greater separation.

Optical equipment has so far avoided the export-control battles that have restricted advanced chips. Eoptolink’s sales to Google and Amazon represent a link neither government has moved to sever—at least not yet.

The company also carries the central risk of the AI infrastructure trade. Its results are tied to hyperscalers spending roughly $700 billion a year on infrastructure, a level that assumes AI investment will deliver sufficient returns. If that buildout slows, suppliers of the essential hardware will feel the pullback alongside chipmakers and model developers.